So far though, oil giant BP says its assets in Iraq remain safe and far away from the violence.

But CEO Bob Dudley told our Steve Sedgwick he's keeping a close eye on the situation, as the company also signed a major supply deal with China's CNOOC.

[Bob Dudley / CEO, BP] Well BP's assets are down in the south, near Basra, down near the Kuwait border. They're a long way from the troubles.… production's being increased in response to request by the government. It's a long way. We're of course very vigilant. We have removed non-essential production staff out of there. We continue to operate. We haven't missed a beat so far.

Are you concerned about dealings with the government which doesn't appear to be in control of its own country?

People we are dealing with appear to be very much in control of the oil. Communications that we've had about the loadings of crude and as well as communications around field operations. So we don't see that right now.

And if I may, can I ask you about this China deal? Sounds very exciting and big for BP. Tell us a bit about it?

Well it's a 20 year supply agreement of LNG supply to CNOOC, taken into Southeast China. It's a big deal… it is LNG, those sort of magnitude. Fair price for them, fair price for us. It's a good deal. It's a good bridge between the UK and China in terms of trade.

We've been talking about Russian pivot. Is BP looking East?

We've got operations around the world. As you know, we're here in Russia, we're in China. We've have operations in the United States, Angola, Brazil… we're looking everywhere.